Adagene downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Adagene (ADAG) to Equal Weight from Overweight with no price target While the firm believes anti-CTLA-4 approaches could drive tumor responses, tolerability remains a key challenge and it is moving to the sidelines and lowering its view of the odds of success for ADG126 based on the relatively small target patient population, regulatory uncertainty, and safety concerns.